One57http://www.businessinsider.com/category/one57
en-usTue, 31 Mar 2015 16:52:42 -0400Tue, 31 Mar 2015 16:52:42 -0400The latest news on One57 from Business Insiderhttp://static3.businessinsider.com/assets/images/bilogo-250x36-wide-rev.pngBusiness Insiderhttp://www.businessinsider.com
http://www.businessinsider.com/one57-was-issued-a-stop-work-order-2015-3One57 was issued a stop-work order after a kitchen table-sized Plexiglas fell from the building http://www.businessinsider.com/one57-was-issued-a-stop-work-order-2015-3
Wed, 18 Mar 2015 12:50:00 -0400Tess Hofmann
<p><span><img style="float:right;" src="http://static1.businessinsider.com/image/550989216da811da3965d552-1200-924/one57-28.jpg" border="0" alt="one57 ">Gary Barnett’s Extell Development was hit with a stop-work order at One57 after a 4-by-4 sheet of Plexiglas fell from the building over the weekend, hitting two parked cars.</span></p>
<p><span> No one was injured. </span></p>
<p>The Plexiglas fell at 5:15 p.m. on Sunday night, according to the Wall Street Journal.&nbsp;</p>
<p>The incident marks the third time that glass or plexiglas has fallen from the luxury tower, which is expected to complete&nbsp;construction within a few months.</p>
<p>In late February, glass from <a href="http://therealdeal.com/blog/2015/01/16/100m-one57-penthouse-purchase-breaks-nyc-condo-record/">One57</a> &nbsp;landed on a neighbor’s terrace, and last May, a windowpane also fell from the 22nd floor, landing in the street.</p>
<p><span>“We have been miraculously lucky that there hasn’t been any casualties or serious injuries,”&nbsp;Layla Law-Gisiko, who heads the local community board’s task force about concerns that Billionaires’ Row towers are casting shadows over the park, told the Journal.&nbsp;</span></p>
<p><span style="font-size: 15px; line-height: 1.5em;">“Glass is not falling from the building nor are windows falling from the building,” a spokesperson for Extell and its construction manager Lend Lease said. </span></p>
<p><span style="font-size: 15px; line-height: 1.5em;">“This was a straight piece of Plexiglas, not glass related to the curved facade, which became dislodged.”</span></p>
<p><img src="http://static2.businessinsider.com/image/550989dd6da811883e65d54f-1200-924/one57-from-the-sky-7.jpg" border="0" alt="one57 from the sky">In January, the Department of Buildings issued a <a href="http://therealdeal.com/blog/2015/01/15/432-park-hit-with-stop-work-order/">stop-work&nbsp;order</a> at Macklowe Properties’ &nbsp;432 Park Avenue after an eight-foot-long pipe fell from the 81st story.&nbsp;</p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/inside-one57s-100-million-penthouse-2015-1" >Inside One57, where New York's most expensive penthouse just sold for a record-breaking $100 Million</a></strong></p>
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<p><a href="http://www.businessinsider.com/one57-was-issued-a-stop-work-order-2015-3#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="http://www.businessinsider.com/190-bowery-bank-turned-mansion-sale-real-estate-new-york-2015-2">This NYC bank-turned-mansion bought by a photographer for $102,000 just sold for $55 million</a></p> http://www.businessinsider.com/chinese-airline-exec-one57-47-million-2015-2Chinese airline exec closes on One57 apartment for $47 millionhttp://www.businessinsider.com/chinese-airline-exec-one57-47-million-2015-2
Fri, 06 Feb 2015 14:34:00 -0500E.B. Solomont
<p><img style="float:right;" src="http://static2.businessinsider.com/image/54d4e9c9ecad04dc40fbf74c-1200-924/one57-from-the-sky-5.jpg" border="0" alt="one57 from the sky"></p><p></p>
<p><span>The founder of China’s largest private airline company paid $47.4 million for a full-floor condo at Extell Development’s’s One57. </span></p>
<p><span>Guoqing Chen, co-founder of HNA Group, closed on the 86th floor unit on Jan. 21, paying $7,645 per square foot for the luxury condo, according to property records filed with the city today.&nbsp;</span></p>
<p><span>Public documents list the buyer One57 86 LLC, but Chen’s name is listed on the $30.2 million mortgage. The mortgage,&nbsp;from China Citic Bank International Limited, also names Pacific American Corporation, of which he is CEO and vice president. Pacific American is a subsidiary of HNA Group. </span></p>
<p><span>Chen entered into contract in December 2011, putting down a 5 percent deposit. The condo was originally offered for&nbsp;$46.5 million according to an offering plan filed with&nbsp;the&nbsp;Attorney General’s office. The full-floor unit measures 6,200 square feet and has four bedrooms and four bathrooms.&nbsp;</span></p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/inside-one57s-100-million-penthouse-2015-1" >Inside One57, Where New York's Most Expensive Penthouse Just Sold For A Record-Breaking $100 Million</a></strong></p>
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<p><a href="http://www.businessinsider.com/chinese-airline-exec-one57-47-million-2015-2#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="http://www.businessinsider.com/boys-asked-to-hit-a-girl-video-2015-1">What Happened When A Bunch Of Young Boys Were Told To Hit A Girl</a></p> http://www.businessinsider.com/one57-has-a-95-tax-break-2015-2New York’s $100 million penthouse is getting a 95% tax breakhttp://www.businessinsider.com/one57-has-a-95-tax-break-2015-2
Mon, 02 Feb 2015 13:57:00 -0500Megan Willett
<p><img style="float:right;" src="http://static4.businessinsider.com/image/54cfaaeceab8ea7160220097-1200-924/one57-from-the-sky-3.jpg" border="0" alt="one57 from the sky"></p><p></p>
<p>The wealthy have lots of good reasons to invest their money in New York's residential real-estate market, <a href="http://www.businessinsider.com/why-billionaires-are-buying-nyc-property-2015-1">panoramic views and strong returns</a> among them.</p>
<p>But another perk — incredibly low taxes for some penthouse buyers — have people furious.</p>
<p>The latest, most egregious example is the penthouse at ultra-luxury highrise One57, <a href="http://www.businessinsider.com/inside-one57s-100-million-penthouse-2015-1">which just sold for a record $100.5 million</a>.</p>
<p>That apartment will receive a 95% tax cut, saving the mystery buyer an estimated $360,000 in taxes annually, <a href="http://www.nytimes.com/2015/02/02/nyregion/in-program-to-spur-affordable-housing-100-million-penthouse-gets-95-tax-cut.html">according to The New York Times</a>.</p>
<p>The tax cut comes from a controversial housing program known as 421-a. It offers huge tax breaks that can last up to 25 years for luxury properties, as long as the developers also build affordable and moderate-income apartments.</p>
<p>But the 44-year-old program has been criticized for stimulating the luxury market only, costing the city billions in lost taxes and allowing developers to “double-dip” by receiving benefits for future luxury projects with previously built affordable housing units.</p>
<p>In fact, the tax cuts are so extreme that US attorney Preet Bharara&nbsp;<a href="http://therealdeal.com/issues_articles/probe-into-developers-tax-breaks-in-limbo/">launched an investigation</a> into the 421-a program after a state investigation on whether developers were receiving tax breaks in exchange for political contributions was abruptly shut down by Governor Andrew Cuomo.<a href="http://therealdeal.com/issues_articles/probe-into-developers-tax-breaks-in-limbo/"><br></a></p>
<p>The investigation is said to be focused on Extell Development and One57, which has tax abatements worth at least $35 million.</p>
<p>Though it’s always been a source of contention, the debate is heating up surrounding 421-a since the housing program is <a href="http://nypost.com/2012/10/13/buyers-at-new-luxury-apartment-building-one57-could-get-big-long-term-tax-breaks-thanks-to-controversial-plan/%20">up for renewal this June</a>. New York City Mayor Bill de Blasio is expected to revise the program to offer tax benefits only to towers that set aside affordable units within the building, according to The Times. <a href="http://nypost.com/2012/10/13/buyers-at-new-luxury-apartment-building-one57-could-get-big-long-term-tax-breaks-thanks-to-controversial-plan/"><br></a></p>
<p>The de Blasio administration <a href="http://gothamist.com/2014/05/07/de_blasios_housing_plan.php">pledged to build 80,000 units of affordable housing</a> over the next 10 years.<a href="http://gothamist.com/2014/05/07/de_blasios_housing_plan.php"><br></a></p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/inside-one57s-100-million-penthouse-2015-1" >Inside One57, where New York's most expensive penthouse just sold for a record-breaking $100 million</a></strong></p>
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<p><a href="http://www.businessinsider.com/one57-has-a-95-tax-break-2015-2#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/inside-one57s-100-million-penthouse-2015-1Inside One57, Where New York's Most Expensive Penthouse Just Sold For A Record-Breaking $100 Millionhttp://www.businessinsider.com/inside-one57s-100-million-penthouse-2015-1
Sat, 24 Jan 2015 13:59:00 -0500Megan Willett
<p><img style="float:right;" src="http://static1.businessinsider.com/image/54bead5069beddb844d27823-1200-924/one57-from-the-sky-2.jpg" border="0" alt="one57 from the sky"></p><p>New York real estate&nbsp;<span style="line-height: 1.5em;">is soaring, and there's no better proof than One57.</span></p>
<p>One of the penthouses in the 1,004-foot-tall residence has <a href="http://www.businessinsider.com/100-million-new-york-apartment-2015-1">officially closed for $100.5 million</a>, making it the most expensive apartment ever sold in NYC and the first to surpass $100 million.</p>
<p>Located on the 89th and 90th floors, the penthouse has 11,000 square feet, six bedrooms, a steam room, a library, and an indoor movie theater.&nbsp;</p>
<p><span>Residents will also have access to the amenities in the Park Hyatt hotel, which takes up the first 39 floors of the building. But if they don't want to mix with the commoners, One57 owners can also use their own 20,000-square-foot amenities floor, complete with a pool, gym, library, and theater.</span></p>
<p>And though $100 million may seem like a lot, New York's priciest penthouse will most likely prove to be a savvy investment as more expensive homes continue to go on sale. Already, a tower on 520 Park Avenue has a penthouse on the market for <a href="http://www.businessinsider.com/inside-520-park-avenue-2014-12">$130 million</a>, and prices are only expected to climb.</p>
<p>The buyer of the megaproperty remains a mystery, as do many of the owners in One57. Of the <a href="http://nymag.com/news/features/foreigners-hiding-money-new-york-real-estate-2014-6/index1.html">26 units sold so far</a>, over half of them are owned by limited-liability corporations and trusts to maintain the owners' privacy.</p><h3>One57 was designed by starchitect Christian de Portzamparc to look like a cascading waterfall. It rises 1,004 feet and 90 stories above 57th Street.</h3>
<img src="http://static6.businessinsider.com/image/537647dfecad04d779818715-400-300/one57-was-designed-by-starchitect-christian-de-portzamparc-to-look-like-a-cascading-waterfall-it-rises-1004-feet-and-90-stories-above-57th-street.jpg" alt="" />
<br/><br/><h3>Of the 26 units sold so far, only half of the buyers are known. They include head of BDO Unicon Group Andrey Dubinsky and president of Swanson Health Products Leland Swanson.</h3>
<img src="http://static4.businessinsider.com/image/54beac0369bedda83bd2782c-400-300/of-the-26-units-sold-so-far-only-half-of-the-buyers-are-known-they-include-head-of-bdo-unicon-group-andrey-dubinsky-and-president-of-swanson-health-products-leland-swanson.jpg" alt="" />
<br/><br/><h3>The Park Hyatt hotel will occupy the first 39 floors of the building, and the 95 condos of One57 will fill the rest of the space.</h3>
<img src="http://static5.businessinsider.com/image/53bd68226bb3f7691d8b4568-400-300/the-park-hyatt-hotel-will-occupy-the-first-39-floors-of-the-building-and-the-95-condos-of-one57-will-fill-the-rest-of-the-space.jpg" alt="" />
<br/><br/><a href="http://www.businessinsider.com/inside-one57s-100-million-penthouse-2015-1#one57-residents-will-have-their-own-separate-entrance-with-a-lobby-and-elevator-bank-so-they-dont-have-to-mingle-with-the-guests-at-park-hyatt-on-the-lower-floors-4">See the rest of the story at Business Insider</a> http://www.businessinsider.com/inside-one57s-100-million-penthouse-2015-1Inside One57, Where New York's Most Expensive Penthouse Just Sold For A Record-Breaking $100 Millionhttp://www.businessinsider.com/inside-one57s-100-million-penthouse-2015-1
Tue, 20 Jan 2015 14:59:00 -0500Megan Willett
<p><img style="float:right;" src="http://static1.businessinsider.com/image/54bead5069beddb844d27823-1200-924/one57-from-the-sky-2.jpg" border="0" alt="one57 from the sky"></p><p>New York real estate&nbsp;<span style="line-height: 1.5em;">is soaring, and there's no better proof than One57.</span></p>
<p>One of the penthouses in the 1,004-foot-tall residence has <a href="http://www.businessinsider.com/100-million-new-york-apartment-2015-1">officially closed for $100.5 million</a>, making it the most expensive apartment ever sold in NYC and the first to surpass $100 million.</p>
<p>Located on the 89th and 90th floors, the penthouse has 11,000 square feet, six bedrooms, a steam room, a library, and an indoor movie theater.&nbsp;</p>
<p><span>Residents will also have access to the amenities in the Park Hyatt hotel, which takes up the first 39 floors of the building. But if they don't want to mix with the commoners, One57 owners can also use their own 20,000-square-foot amenities floor, complete with a pool, gym, library, and theater.</span></p>
<p>And though $100 million may seem like a lot, New York's priciest penthouse will most likely prove to be a savvy investment as more expensive homes continue to go on sale. Already, a tower on 520 Park Avenue has a penthouse on the market for <a href="http://www.businessinsider.com/inside-520-park-avenue-2014-12">$130 million</a>, and prices are only expected to climb.</p>
<p>The buyer of the megaproperty remains a mystery, as do many of the owners in One57. Of the <a href="http://nymag.com/news/features/foreigners-hiding-money-new-york-real-estate-2014-6/index1.html">26 units sold so far</a>, over half of them are owned by limited-liability corporations and trusts to maintain the owners' privacy.</p><h3>One57 was designed by starchitect Christian de Portzamparc to look like a cascading waterfall. It rises 1,004 feet and 90 stories above 57th Street.</h3>
<img src="http://static6.businessinsider.com/image/537647dfecad04d779818715-400-300/one57-was-designed-by-starchitect-christian-de-portzamparc-to-look-like-a-cascading-waterfall-it-rises-1004-feet-and-90-stories-above-57th-street.jpg" alt="" />
<br/><br/><h3>Of the 26 units sold so far, only half of the buyers are known. They include head of BDO Unicon Group Andrey Dubinsky and president of Swanson Health Products Leland Swanson.</h3>
<img src="http://static4.businessinsider.com/image/54beac0369bedda83bd2782c-400-300/of-the-26-units-sold-so-far-only-half-of-the-buyers-are-known-they-include-head-of-bdo-unicon-group-andrey-dubinsky-and-president-of-swanson-health-products-leland-swanson.jpg" alt="" />
<br/><br/><h3>The Park Hyatt hotel will occupy the first 39 floors of the building, and the 95 condos of One57 will fill the rest of the space.</h3>
<img src="http://static5.businessinsider.com/image/53bd68226bb3f7691d8b4568-400-300/the-park-hyatt-hotel-will-occupy-the-first-39-floors-of-the-building-and-the-95-condos-of-one57-will-fill-the-rest-of-the-space.jpg" alt="" />
<br/><br/><a href="http://www.businessinsider.com/inside-one57s-100-million-penthouse-2015-1#one57-residents-will-have-their-own-separate-entrance-with-a-lobby-and-elevator-bank-so-they-dont-have-to-mingle-with-the-guests-at-park-hyatt-on-the-lower-floors-4">See the rest of the story at Business Insider</a> http://www.businessinsider.com/park-hyatt-new-york-tour-2014-8New York City Has An Unbelievably Opulent New Hotelhttp://www.businessinsider.com/park-hyatt-new-york-tour-2014-8
Sun, 07 Sep 2014 14:42:00 -0400Melia Robinson
<p><a href="http://www.businessinsider.com/park-hyatt-new-york-tour-2014-8">Click here to see what the hotel is like &gt;&gt;</a></p><p><a href="http://www.businessinsider.com/park-hyatt-new-york-tour-2014-8#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/park-hyatt-new-york-tour-2014-8Step Inside The Swankiest New Hotel In New York Cityhttp://www.businessinsider.com/park-hyatt-new-york-tour-2014-8
Thu, 04 Sep 2014 10:25:00 -0400Melia Robinson
<p><img src="http://static1.businessinsider.com/image/53ff65afeab8ea9b38cb3054-1200-924/img_7497-1.jpg" border="0" alt="park hyatt new york view spa"></p><p>Earlier this month, the luxury hotel chain Park Hyatt opened its flagship New York location, Park Hyatt New York.</p>
<p>Housed inside the near-complete condo&nbsp;<a href="http://www.businessinsider.com/everything-you-need-to-know-about-one57-new-york-citys-most-buzz-worthy-condo-2014-5" target="_blank">One57</a>&nbsp;on 57th Street, Park Hyatt is 25 floors of sheer elegance and opulence.</p>
<p>Rumor has it<a href="http://www.bloomberg.com/news/2014-07-01/nyc-s-first-five-star-hotel-in-decade-seen-at-one57-tower.html" target="_blank"></a> Park Hyatt New York could become the <a href="http://www.businessinsider.com/park-hyatt-new-york-at-one57-2014-7" target="_blank">first new five-star hotel in New York</a> in more than 11 years. The rating is determined by the venerable Forbes Travel Guide, which will send an inspector (and a second anonymous inspector) to review the hotel in the next six months.<span style="line-height: 1.5em;"><br></span></p>
<p><span style="line-height: 1.5em;">New York currently has eight 5-star hotels, the 11-year-old Mandarin Oriental being the most recently anointed. Should Park Hyatt&nbsp;</span><a href="http://www.bloomberg.com/news/2014-07-01/nyc-s-first-five-star-hotel-in-decade-seen-at-one57-tower.html" target="_blank">qualify for the Forbes Travel Guide's top rating</a><span style="line-height: 1.5em;">, it has to go above and beyond, providing "room amenities including fresh flowers and wine by the glass presented in the bottle and poured by room-service staff."</span></p>
<p>We recently toured the Park Hyatt New York and a 530-square-foot Park Studio Suite, available for $1,295 a night on average, to see what the team is doing to meet these standards.</p><h3>This is One57, the super-luxury high-rise sitting on "Billionaires' Row" just south of Central Park. The lower 25 floors make up Park Hyatt New York, which opened in late August.</h3>
<img src="http://static6.businessinsider.com/image/53ff3fbfeab8eafe13cb3064-400-300/this-is-one57-the-super-luxury-high-rise-sitting-on-billionaires-row-just-south-of-central-park-the-lower-25-floors-make-up-park-hyatt-new-york-which-opened-in-late-august.jpg" alt="" />
<br/><br/><h3>While One57 residents and Park Hyatt guests share some amenities, there's a pretty clear distinction between the building's two functions. Residents and guests have separate entrances on 57th Street.</h3>
<img src="http://static6.businessinsider.com/image/53ff7fe3ecad046e7250b795-400-300/while-one57-residents-and-park-hyatt-guests-share-some-amenities-theres-a-pretty-clear-distinction-between-the-buildings-two-functions-residents-and-guests-have-separate-entrances-on-57th-street.jpg" alt="" />
<br/><br/><h3>Inside the lobby, a "host" is there to greet you. He or she will check you in, hand off your luggage, and escort you all the way to your room.</h3>
<img src="http://static5.businessinsider.com/image/53ff40666bb3f70a6a6391ed-400-300/inside-the-lobby-a-host-is-there-to-greet-you-he-or-she-will-check-you-in-hand-off-your-luggage-and-escort-you-all-the-way-to-your-room.jpg" alt="" />
<br/><br/><a href="http://www.businessinsider.com/park-hyatt-new-york-tour-2014-8#the-host-has-a-tablet-on-hand-that-is-preloaded-with-your-registration-payment-information-and-likes-and-dislikes-for-instance-a-travel-agent-may-give-the-hotel-a-heads-up-that-mr-guest-likes-white-wine-not-red-and-mrs-guest-is-allergic-to-shellfish-4">See the rest of the story at Business Insider</a> http://www.businessinsider.com/park-hyatt-new-york-at-one57-2014-7Is This New York's Next 5-Star Hotel?http://www.businessinsider.com/park-hyatt-new-york-at-one57-2014-7
Thu, 10 Jul 2014 17:11:00 -0400Melia Robinson
<p><img src="http://static2.businessinsider.com/image/53bd8112ecad04e62db89f2c-800-/one57-rendering-park-2-2.jpg" border="0" alt="one57 rendering park 2" width="800" /></p><p>New York's most hotly anticipated hotel opens at the end of the summer, in the city's&nbsp;<span style="line-height: 1.5em;"><a href="http://www.businessinsider.com/everything-you-need-to-know-about-one57-new-york-citys-most-buzz-worthy-condo-2014-5">most buzzworthy condo building</a>, <a href="http://www.businessinsider.com/report-new-skyscrapers-will-cast-dark-shadows-over-much-of-central-park-2013-12">on one of the most exclusive blocks</a> in Manhattan.</span></p>
<p><a href="http://www.businessinsider.com/everything-you-need-to-know-about-one57-new-york-citys-most-buzz-worthy-condo-2014-5" target="_blank">It's kind of a big deal.</a></p>
<p>Park Hyatt New York aims to be the city's first new five-star hotel in more than a decade, <a href="http://www.bloomberg.com/news/2014-07-01/nyc-s-first-five-star-hotel-in-decade-seen-at-one57-tower.html" target="_blank">according to Bloomberg</a>. The 25-floor property sits at the base of the ultra-luxury condominium tower, One57, located on West 57th Street (a.k.a. "billionaires' row").</p>
<p>New York City currently has eight 5-star hotels &mdash; the 11-year-old Mandarin Oriental being the most recently anointed. Should Park Hyatt <a href="http://www.bloomberg.com/news/2014-07-01/nyc-s-first-five-star-hotel-in-decade-seen-at-one57-tower.html" target="_blank">qualify for the Forbes Travel Guide's top rating</a>, it has to go above and beyond, providing "room amenities including fresh flowers and wine by the glass presented in the bottle and poured by room-service staff."</p>
<p>Upon opening, Park Hyatt will be visited by an inspector from the Forbes Travel Guide, and a second anonymous inspector, to be sure it meets the impeccable standards.</p>
<p>A night of hospitality-bliss doesn't come cheap. Booking one of Park Hyatt's 210 guest rooms starts at $795 a night.</p>
<p>Let's see what all the buzz is about.</p>
<p><strong>Welcome to One57, the second-tallest residential building in Manhattan, standing at 90 stories.</strong><img src="http://static2.businessinsider.com/image/53bd587fecad04de4bb89f2b-4979-8866/building%20exterior%20day.jpg" border="0" alt="one57 park hyatt new york exterior" width="800" style="line-height: 1.5em;" /></p>
<p><strong style="line-height: 1.5em;">It sits at the base of Central Park, and offers sweeping views of the skyline.</strong><strong style="line-height: 1.5em;"><img src="http://static4.businessinsider.com/image/5076da8fecad04382000000a-1000-750/one57-view-from-86th-floor.jpg" border="0" alt="one57 view from 86th floor" /><strong style="line-height: 1.5em;">The guest rooms will be luxuriously outfitted. Hyatt and building majority owner Extell Development Co. spent an average of $1.8 million on the construction of each room. The design is clean and modern, and imitates the interior of high-end apartments.</strong></strong><img src="http://static2.businessinsider.com/image/53bd68ddeab8eae641617714-1200-924/one57-park-hyatt-new-york-guest-room-1.jpg" border="0" alt="one57 park hyatt new york guest room" style="color: #000000;" /><strong style="line-height: 1.5em;">The rooms range from 475 to 2,239 square feet. Floor-to-ceiling windows offer plenty of natural light, and wood flooring make the upscale setting feel like home.</strong><img src="http://static4.businessinsider.com/image/53bd68226bb3f7691d8b4568-1200-924/one57-park-hyatt-new-york-guest-room.jpg" border="0" alt="one57 park hyatt new york guest room" style="color: #000000;" /><strong style="line-height: 1.5em;">Guests will feel like royalty in the plush bathrooms, stocked with products by boutique perfumery Le Labo and mirrors with built-in TV screens.</strong><strong style="line-height: 1.5em;"><img src="http://static5.businessinsider.com/image/53bd83b6ecad04af38b89f29-1139-854/one57-park-hyatt-new-york-bathroom-small-1.jpg" border="0" alt="one57 park hyatt new york bathroom small" /><strong style="line-height: 1.5em;">The hotel features some pretty sweet amenities, too. Here's a rendering of the spa, which has treatment suites attached to private balconies.</strong></strong><strong style="line-height: 1.5em;"><img src="http://static1.businessinsider.com/image/53bd82ca69bedd2e4bf6192a-1200-924/park-hyatt-new-york-one57-spa.jpg" border="0" alt="Park Hyatt New York one57 spa" /><strong style="line-height: 1.5em;">The</strong><strong style="line-height: 1.5em;"> indoor pool contains underwater speakers that <a href="http://www.bloomberg.com/news/2014-07-01/nyc-s-first-five-star-hotel-in-decade-seen-at-one57-tower.html" target="_blank">pipe in music</a> from neighboring Carnegie Hall.</strong></strong><img src="http://static5.businessinsider.com/image/53bd7ad7ecad04190eb89f27-1200-924/one57-park-hyatt-new-york-pool.jpg" border="0" alt="one57 park hyatt new york pool" style="line-height: 1.5em;" /><span style="line-height: 1.5em;">Park Hyatt New York opens later this summer.</span></p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/everything-you-need-to-know-about-one57-new-york-citys-most-buzz-worthy-condo-2014-5" >Everything You Need To Know About One57, New York City’s Most Buzz-Worthy Condo</a></strong></p>
<p><a href="http://www.businessinsider.com/park-hyatt-new-york-at-one57-2014-7#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/meet-the-tycoons-who-are-buying-condos-at-nycs-new-most-luxurious-highrise-2014-5Meet The Tycoons Who Are Buying Condos At NYC'S New Most Luxurious Highrisehttp://www.businessinsider.com/meet-the-tycoons-who-are-buying-condos-at-nycs-new-most-luxurious-highrise-2014-5
Fri, 16 May 2014 13:18:00 -0400Hiten Samtani
<p><img src="http://static2.businessinsider.com/image/537647986bb3f7522194e504-1200-800/rtr3mm9i.jpg" border="0" alt="one57" /></p><p>The luxury market has received a lot of press for the outrageous prices buyers are paying. And at almost no building is that truer than at One57, where the average price per square foot is $6,888, according to the building&rsquo;s offering plan.</p>
<p>The 94-unit tower, which officially launched sales in late 2011, is now 75 percent sold, according to an Extell spokesperson. Two of those sales eclipsed the $90 million mark, the spokesperson confirmed, meaning that when they close, they&rsquo;ll break the city&rsquo;s current $88 million record, which was set at 15 Central Park West.</p>
<p>While only 13 units in the building have closed to date &mdash; closings started late last year &mdash;roughly 60 others are in contract. The closed units, which&nbsp;<em>TRD</em>&nbsp;detailed on the below chart, range in price from $3.6 million to $30.6 million. While most of those deals are not the sexiest in the building, they are hugely important to moving the building into its next phase. And many of the in-contract deals &mdash; the most prominent of which are outlined below &mdash; are expected to close in the coming months. See below for a look at both.</p>
<p><strong>Unit: PH 75</strong><br /><strong>Price: $90 million to $100 million</strong><br /><strong>Buyer: Consortium of investors led by hedge-fund&nbsp;titan Bill Ackman</strong></p>
<p>Ackman and his fellow investors are in contract for this 13,554-square-foot duplex condo on the 75th and 76th floors, which was asking $115 million. Its most notable feature is a two-story, 51-foot-wide glass enclosed &ldquo;winter garden&rdquo; with a curved glass roof. Ackman, the CEO of the hedge fund Pershing Square Capital, has said that the buy was purely an investment, and he would not look to live in the apartment.</p>
<p><strong>Unit: PH 90</strong><br /><strong>Price: More than $90 million</strong><br /><strong>Buyer: Unknown</strong></p>
<p>This 10,923-square-foot duplex on the 89th and 90th floors has six bedrooms and six-and-a-half bathrooms and had an asking price of $115 million. It was snapped up last May for more than $90 million by a mystery buyer. The apartment&rsquo;s pi&egrave;ce de r&eacute;sistance, sources said, are its panoramic views of the city and Central Park. From the unit, Vanity Fair&rsquo;s Paul Goldberger wrote in a recent essay &ldquo;you feel as connected to the sky as to the ground.&rdquo;</p>
<p><strong>Unit: 82</strong><br /><strong>Price: Just over $50 million</strong><br /><strong>Buyer: Silas Chou</strong></p>
<p>The heir to a Hong Kong&ndash;based fortune, Chou is worth $2.4 billion, according to Forbes, and was part of the two-person team that took apparel brand Michael Kors public in 2011. His 6,240-square-foot, four-bedroom, four-and-a-half-bathroom unit at One57 was most recently asking $57.5 million.</p>
<p><strong>Unit: 85</strong><br /><strong>Price: Just under $50 million</strong><br /><strong>Buyer: Lawrence Stroll</strong></p>
<p>Canadian fashion tycoon Lawrence Stroll, the other half of the Michael Kors IPO dream team, is reportedly worth $1.8 billion. He paid just under $50 million for his 6,200-square-foot, four-bedroom, four-and-a-half-bathroom unit shortly after sales at the building launched. Extell&rsquo;s most recent asking price for the apartment was $62 million.</p>
<p><strong>Unit: 59A</strong><br /><strong>Price: $30 million</strong><br /><strong>Buyer: George Constantin</strong></p>
<p>The man behind commercial real estate investment firm Heritage Realty Services snapped up this 4,483-square-foot, three-bedroom, four-and-a-half-bathroom unit in a sale that officially closed in April. Before founding Heritage, which has $400 million in assets, Constantin was at real estate firm Helmsley-Spear. He currently lives in Westchester, according Heritage&rsquo;s website.</p>
<p><strong>Unit: 48A</strong><br /><strong>Price: $17.5 million</strong><br /><strong>Buyer: Richard Kringstein</strong></p>
<p>The CEO of apparel maker Herman Kay Company, which makes outerwear for brands such as Anne Klein, opted for this 3,228-square-foot pad on the 48th floor, which has three bedrooms and three-and-a-half bathrooms and was most recently asking $20.5 million.</p>
<p><strong>Unit: 40F</strong><br /><strong>Price: $9.6 million</strong><br /><strong>Buyer: David Beyda</strong></p>
<p>Beyda is the CEO of Town &amp; Country Living, a prominent linen manufacturer. His 2,289-square-foot pad on the 40th floor was most recently asking $9.95 million.</p>
<p><strong>Unit: Unknown</strong><br /><strong>Price: $6.5 million</strong><br /><strong>Buyer: Unnamed Chinese businesswoman</strong></p>
<p>This buyer generated international headlines when she bought this pricey pad for her daughter, in the anticipation that it would come in handy when her kid would attend Columbia or Harvard. The catch? Her daughter&rsquo;s still a toddler, just two years old.</p>
<p><img src="http://static6.businessinsider.com/image/53764856eab8eaf06794e4f7-1200-600/one57-chart.jpg" border="0" alt="one57 chart" /></p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/15-central-park-west-residents-2014-4" >Meet The Big Shots Who Live At 15 Central Park West, The World's Most Powerful Address</a></strong></p>
<p><a href="http://www.businessinsider.com/meet-the-tycoons-who-are-buying-condos-at-nycs-new-most-luxurious-highrise-2014-5#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/everything-you-need-to-know-about-one57-new-york-citys-most-buzz-worthy-condo-2014-5Everything You Need To Know About One57, New York City’s Most Buzz-Worthy Condohttp://www.businessinsider.com/everything-you-need-to-know-about-one57-new-york-citys-most-buzz-worthy-condo-2014-5
Mon, 12 May 2014 17:08:00 -0400Hiten Samtani
<p><img style="float:right;" src="http://static3.businessinsider.com/image/53711f0a6da811142c4879eb-480-/one57-11.jpg" border="0" alt="One57" width="480" style="float: right;" /></p><p>Gary Barnett&rsquo;s One57 is the most talked-about residential project to hit the city since 15 Central Park West.</p>
<p>But while it may be providing juicy, of-the-moment fodder for the industry, the land for the 90-story skyscraper took a decade for Barnett and his team at Extell Development Company to assemble.</p>
<p>The long process was worth the wait for him. Barnett reportedly had to put up only 10 percent of the $700 million equity investment for the $1.4 billion tower, which is located on West 57th Street overlooking Central Park. (He convinced two Abu Dhabi&ndash;based investment funds, Aabar Investments and Tasameem Real Estate Company, to cough up the rest.) Extell and its partners are expected to gross about $2 billion in sales from the project, according to news reports.</p>
<p>This month,&nbsp;<em>The Real Deal</em>&nbsp;took a close-up look at the glassy behemoth &mdash; from its 10 closed sales to its other notable, in-contract deals. We also reviewed amendments that Extell recently filed with the state Attorney General&rsquo;s office that detail some of the quirky rules that the building&rsquo;s owners, wealthy and powerful as they may be, will be required to follow, and outlined the building&rsquo;s operating budget and revenue intake. Needless to say, the tower shouldn&rsquo;t be hurting for cash if enough owners pony up for storage bins, some of which are asking a stratospheric $4,000 per square foot.</p>
<p>And despite controversy along the way, which has played out in 19 civil suits against the building, the mega-project comes with outsized expectations and many unconventional flourishes. Read on for a look.</p>
<p><strong>NYC&rsquo;S priciest storage bins?</strong></p>
<p>Deeded underground parking and maid&rsquo;s quarters are old news; these days the latest &ldquo;extra&rdquo; up for purchase in New York&rsquo;s priciest condos may be the least sexy: storage bins. At One57, there are 21 of them up for grabs, but those who need the subterranean space to stash away their bric-&agrave;-brac can expect to pay big. One57 is asking $216,000, or about $4,000 a square foot for a 54-square-foot bin, according to a recent amendment that Extell filed with the AG.</p>
<p>As a point of comparison, that price rivals the average per-square-foot price of a condo at Jared Kushner&rsquo;s Puck Building penthouses at 295 Lafayette Street.</p>
<p>&ldquo;I&rsquo;ve never seen that at any other buildings,&rdquo; said CORE&rsquo;s Emily Beare, one of the city&rsquo;s top luxury brokers. &ldquo;Usually, buildings of that caliber would include a storage unit with the apartment.&rdquo;</p>
<p>Three of the 30-square-foot storage bins are asking $110,000 each, or about $3,667 per square foot. In comparison, similarly sized bins at 15 CPW go for about $35,000.</p>
<p><strong>Policing the pets</strong></p>
<p>One57 residents are permitted no more than two &ldquo;orderly domestic&rdquo; pets, such as dogs, cats, caged birds and aquarium fish. And while many buildings have tight security for guests, One57 will have the same for Fido. According to the building&rsquo;s bylaws, residents will be required to give the board a photograph of their pets. And owners&rsquo; furry friends cannot have visitors &mdash; non-resident pets are animalia non grata.</p>
<p>But Beare said that&rsquo;s par for the course at high-end buildings these days and that some white-glove co-ops take their pet surveillance a step further. &ldquo;Some co-ops even have &lsquo;pet interviews,&rsquo; where a buyer&rsquo;s pet has to meet the board,&rdquo; she said.</p>
<p>That&rsquo;s not the only area that the board has a say in. Buyers who wish to get into the holiday spirit might want to buy elsewhere. The building does not allow decorative lights for those who wish to deck the halls &mdash; or their own windows &mdash; for the holidays. In fact, even curtains and blinds in individual units must be approved by the board.</p>
<p>But these types of rules are not unique in the residential trophy tower world: 15 CPW has similar restrictions on window decorations. And the rule has not deterred buyers.</p>
<p><strong>One57&rsquo;s budget &mdash; revealed</strong></p>
<p>Extell estimates that the building will generate $8.25 million in its first year of operations &mdash; which started on July 1. The biggest contributors to that income are projected to be residential common charges, which should come to an estimated $7.45 million, according to filings with the AG&rsquo;s office. Hotel common charges should tack on another $775,000.</p>
<p>By comparison, during 15 CPW&rsquo;s first year, the projected common charges were about $6.6 million, according to that building&rsquo;s offering plan. That means that residents at the 94-unit One57 will pay a far heftier sum, on average, than their counterparts at 15 CPW, which has 202 units.</p>
<p>On the expenses front, One57 has earmarked $2.5 million just for heat and hot water, perhaps with the expectation that residents will be using their Tuscan marble tubs to take long baths. The tower will also dish out about $1.57 million to its staff for salaries, wages and benefits.</p>
<p>And the building will spend $1.43 million on electricity, and nearly $1 million on &ldquo;services and supplies,&rdquo; which may, at least partly, account for the cost of cleaning One57&rsquo;s 8,400 windows to ensure pristine views.</p>
<p><a href="http://therealdeal.com/issues_articles/one57-from-unit-a-to-z/"><strong>Keep reading at The Real Deal &gt;</strong></a></p><p><a href="http://www.businessinsider.com/everything-you-need-to-know-about-one57-new-york-citys-most-buzz-worthy-condo-2014-5#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/asking-price-on-condo-at-nycs-luxurious-one57-jumps-10-million-in-a-day-2014-5Asking Price On Condo At NYC's Luxurious One57 Jumps $10 Million In A Dayhttp://www.businessinsider.com/asking-price-on-condo-at-nycs-luxurious-one57-jumps-10-million-in-a-day-2014-5
Fri, 09 May 2014 10:54:00 -0400Mark Maurer
<p><img style="float:right;" src="http://static1.businessinsider.com/image/4fff39c869bedd4638000000-1000-750/img_0762-2.jpg" border="0" alt="one57 construction" /></p><p>A day after the $31.7 million sale of a three-bedroom condominium at Extell Development&rsquo;s One57 hit property records, the sponsor unit is once again fair game and on the market for a price nearly $10 million higher, according to StreetEasy data.<span id="more-373592"></span></p>
<p>Sotheby&rsquo;s International Realty brokers Elizabeth Sample and Brenda Powers, who declined to comment, have the new $41 million listing. The 4,483-square-foot, 62nd-floor apartment features four bathrooms and floor-to-ceiling windows.</p>
<p>An undisclosed company affiliated with the mysterious &ldquo;Escape From New York, LLC&rdquo; appeared to have closed on the apartment, unit 62A, last month, records show. Cohen &amp; Frankel lawyer Bruce Cohen, who represented the buyer as legal counsel, also declined to comment.</p>
<p>An affiliate of George Constantin-led Heritage Realty Services&nbsp;<a href="http://therealdeal.com/blog/2014/04/04/one57-sponsor-unit-sells-for-30m/">bought a 59th-floor condominium unit</a>&nbsp;there for $30 million last month, as previously reported.</p>
<p>Extell and its partners are expected to gross&nbsp;<a href="http://therealdeal.com/issues_articles/one57-from-unit-a-to-z/">about $2 billion in sales</a>&nbsp;from the trophy residential tower.</p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/the-11-most-expensive-us-homes-ever-sold-2014-5" >The 11 Most Expensive US Homes Ever Sold</a></strong></p>
<p><a href="http://www.businessinsider.com/asking-price-on-condo-at-nycs-luxurious-one57-jumps-10-million-in-a-day-2014-5#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/new-york-citys-most-expensive-buildings-2014-1The Most Expensive Apartment Buildings In New York Cityhttp://www.businessinsider.com/new-york-citys-most-expensive-buildings-2014-1
Thu, 23 Jan 2014 11:59:00 -0500Megan Willett
<p>New York City is without a doubt <a href="http://www.businessinsider.com/map-world-most-least-expensive-cities-2014-1" target="_blank">one of the most expensive cities in the world</a> to live in.</p>
<p>New Construction Manhattan, a luxury real estate company, put together <a href="http://newconstructionmanhattan.com/blog/2014/01/who-made-the-list-10-most-expensive-manhattan-buildings" target="_blank">a list of 2013's most expensive buildings</a> based on closed sales and average price per square foot.</p>
<p>The most expensive building in 2013 was <a href="http://www.businessinsider.com/who-lives-at-15-central-park-west-2012-3">15 Central Park West</a>, at an average of $5,636 per square foot. The luxury building has stunning views of Central Park and is <a href="http://www.businessinsider.com/who-lives-at-15-central-park-west-2012-3" target="_blank">home to a laundry list of NYC's powerful bankers, celebrities, and big shots</a>.</p>
<p>Still-under-construction One57, where a penthouse sold for a <a href="http://www.businessinsider.com/sold-the-penthouse-at-one57-sells-for-a-record-breaking-90-million-2012-5" target="_blank">record-breaking $90 million in 2012</a>, barely made the cut at $3,548 per square foot. Lincoln Square's Millennium Tower also made the list at $3,671 per square foot.</p>
<p><iframe width="800" height="637" frameborder="0" src="//e.infogr.am/manhattans-most-expensive-buildings-of-20137?src=embed"></iframe></p>
<div style="width: 550px; border-top: 1px solid #acacac; padding-top: 3px; font-family: Arial; font-size: 10px; text-align: center;"><a href="https://infogr.am/manhattans-most-expensive-buildings-of-20137" target="_blank"> Manhattan's Most expensive buildings of 2013 </a> | <a href="https://infogr.am" target="_blank">Infographics</a></div>
<p>Here's the full list of buildings with square footage.</p>
<ol>
<li>
<p><strong>15 Central Park West</strong> $5,636/sq. ft.</p>
</li>
<li>
<p><strong>The South Tower of Time Warner Center</strong> $4,166/sq. ft.</p>
</li>
<li>
<p><strong>Residences at Mandarin Oriental</strong> $4,044/sq. ft.</p>
</li>
<li>
<p><strong>18 Gramercy Park South</strong> $4,042/sq. ft.</p>
</li>
<li>
<p><strong>Superior Ink</strong> $3,901/sq. ft.</p>
</li>
<li>
<p><strong>The Hudson</strong> $3,714/sq. ft.</p>
</li>
<li>
<p><strong>Millennium Tower</strong> $3,671/sq. ft.</p>
</li>
<li>
<p><strong>The Mayfair</strong> $3,637/sq. ft.</p>
</li>
<li>
<p><strong>200 Eleventh Avenue</strong> $3,565/sq. ft.</p>
</li>
<li>
<p><strong>One57</strong> $3,548/sq. ft.</p>
</li>
</ol><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/who-lives-at-15-central-park-west-2012-3" >Meet The Big Shots Who Live At 15 Central Park West</a></strong></p>
<p><a href="http://www.businessinsider.com/new-york-citys-most-expensive-buildings-2014-1#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/chinese-owner-looks-to-flip-one57-apartment-for-25-million-profit-2014-1Chinese Owner Looks To Flip One57 Apartment For $2.5 Million Profithttp://www.businessinsider.com/chinese-owner-looks-to-flip-one57-apartment-for-25-million-profit-2014-1
Thu, 02 Jan 2014 17:59:00 -0500Julie Strickland
<p><img style="float:right;" src="http://static3.businessinsider.com/image/52c5eed8eab8eaf768bd3b57-480-/one57-rendering-night-2.jpg" border="0" alt="one57 rendering night" width="480" /></p><p>Closings have begun at Extell Development&rsquo;s One57, and at least one early buyer is hoping to make a significant chunk of change by offering a one-bedroom condominium for sale.<span id="more-322269"></span></p>
<p>Power broker duo Brenda Powers and Elizabeth Sample of Sotheby&rsquo;s International Realty are marketing the 39th-floor pad, at 157 West 57th Street. The apartment is a rare find among trophy condos, Power said, and the owner is looking to either sell the unit for $6 million or rent it out for possibly $18,000 per month.</p>
<p>The apartment belongs to Tao Liu, who is based in Shanghai, according to city records filed today. Liu paid $3.56 million for the apartment in April 2012; the deal closed last month, the deed says. The unit was priced at $3.5 million &mdash; a slight 3 percent increase over the initial asking price in September 2011 &mdash; or $3,333 per square foot, according to documents Extell filed with the New York Attorney General&rsquo;s office, which&nbsp;<em>The Real Deal</em>obtained in July. The new price clocks in at about $5,700 per square foot.</p>
<p>&ldquo;At 80 Columbus Circle, for example, there are only three one-bedrooms, and here at One57 there are only three,&rdquo; Powers said, referring to one of the condo towers at the Time Warner Center. &ldquo;And, it has park views. You can&rsquo;t find a one-bedroom with park views &mdash; normally, when these buildings are designed, the one-bedrooms always face the back.&rdquo;</p>
<p>A spokesperson for Extell was not immediately able to provide comment. Liu could not immediately be reached.</p>
<p>The condo came on the market just before the New Year, and Power said they already have an interested home seeker, though that person has not yet decided whether to buy or rent. A buyer is preferred, she said.</p>
<p>The 1,050-square-foot home, on a lower floor (One57&prime;s lower 30 levels are occupied by a Park Hyatt hotel), boasts floor-to-ceiling windows, a gourmet kitchen and bathroom with a marbled shower and separate tub.</p>
<p>The unit is currently the duo&rsquo;s only listing in the building, though Powers said they hope to have more.</p>
<p>Extell marketed the 1,004-foot-tall building in-house, with Corcoran Sunshine Marketing Group advising on marketing.</p>
<p>Other&nbsp;<a href="http://therealdeal.com/blog/2013/07/24/more-one57-buyers-revealed-and-several-are-apparel-magnates/" target="_blank">buyers in the building</a>&nbsp;include a Bill Ackman-led investor group that purchased the so-called&nbsp;<a href="http://therealdeal.com/blog/2013/05/17/244762/" target="_blank">Winter Garden penthouse</a>&nbsp;for more than $90 million, and Chinese parents who snapped up a condominium unit for their child who is currently a toddler.</p><p><a href="http://www.businessinsider.com/chinese-owner-looks-to-flip-one57-apartment-for-25-million-profit-2014-1#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/malfunctioning-crane-dangles-box-over-midtown-manhattan-street-2013-10Malfunctioning Crane Dangles Unstable Box Over Midtown Manhattanhttp://www.businessinsider.com/malfunctioning-crane-dangles-box-over-midtown-manhattan-street-2013-10
Mon, 07 Oct 2013 12:00:00 -0400Pamela Engel
<p>A construction crane&nbsp;<a href="http://www.nbcnewyork.com/news/local/Crane-57th-Street-Closed--226756081.html?_osource=SocialFlowTwt_NYBrand">got stuck as it was raising a box above the ground</a> at the One57 building in midtown Manhattan, NBC New York reports.</p>
<p>The box was dangling precariously above the street, and authorities shut down 57th Street between 6th and 7th Avenues.</p>
<blockquote class="twitter-tweet">
<p>The crane is holding a yellow box, not sure what's in it. It's dangling precariously over 57th Street. <a href="http://t.co/KE0cQKPw30">pic.twitter.com/KE0cQKPw30</a></p>
&mdash; Ernie Mourelo (@mourelo) <a href="https://twitter.com/mourelo/statuses/387240185706344448">October 7, 2013</a></blockquote>
<script async="" src="//platform.twitter.com/widgets.js" charset="utf-8" type="text/javascript"></script>
<blockquote class="twitter-tweet">
<p><a href="https://twitter.com/search?q=%23Breaking&amp;src=hash">#Breaking</a>: this is a shot of the dangling construction crane in Midtown <a href="https://twitter.com/search?q=%23Manhattan&amp;src=hash">#Manhattan</a>. <a href="http://t.co/GuFNEfmgOH">http://t.co/GuFNEfmgOH</a> <a href="http://t.co/aUazxDsCc8">pic.twitter.com/aUazxDsCc8</a></p>
&mdash; MyFoxNY.com (@MyFoxNY) <a href="https://twitter.com/MyFoxNY/statuses/387244930751422466">October 7, 2013</a></blockquote>
<script async="" src="//platform.twitter.com/widgets.js" charset="utf-8" type="text/javascript"></script>
<p>The Fire Department of New York <a href="https://twitter.com/FDNY/status/387245178932588547">tweeted</a> that the crane's load is unstable. Workers lowered the crane's load a few hours after it got stuck,&nbsp;<a href="http://abclocal.go.com/wabc/story?section=news/local/new_york&amp;id=9277781&amp;rss=rss-wabc-article-9277781&amp;utm_source=twitterfeed&amp;utm_medium=twitter">according to</a><span>&nbsp;ABC 7 in New York.</span></p>
<p>The box was hanging about 20 floors up in the air, ABC 7 reported.&nbsp;The news station also pointed out that New York City is under a tornado watch and the Department of Buildings issued a reminder earlier in the day to secure all construction sites because of the forecast of high winds.</p>
<p>Just last year, another crane caused problems for the same building. The top half of the broken crane, damaged by Hurricane Sandy winds, <a href="http://www.businessinsider.com/the-wind-already-broke-the-crane-outside-of-one57-2012-10">dangled over the street</a> and shut the block down for a week.</p><p><a href="http://www.businessinsider.com/malfunctioning-crane-dangles-box-over-midtown-manhattan-street-2013-10#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/swanky-nyc-condo-one57-bans-pet-pigs-christmas-lights-2013-8Swanky NYC Condo One57 Bans Pet Pigs, Christmas Lightshttp://www.businessinsider.com/swanky-nyc-condo-one57-bans-pet-pigs-christmas-lights-2013-8
Thu, 29 Aug 2013 15:48:00 -0400Hiten Samtani
<p><img style="float:right;" src="http://static1.businessinsider.com/image/521fa569ecad04b02eff5336-480-/one57-rendering-exterior-1.jpg" border="0" alt="one57 rendering exterior" width="480" /></p><p>Gary Barnett&rsquo;s One57 is opening its doors to the world&rsquo;s elite &ndash; but not to their pigs.&nbsp;Other exotic critters, including gerbils, ponies and bunnies, are also animalia non grata in the 90-story tower.<span id="more-279943"></span></p>
<p>In fact, no more than two &ldquo;orderly domestic&rdquo; pets &mdash; such as dogs, cats, caged birds and aquarium fish &mdash; will be allowed into the swanky building, and a photograph of each pet must be given to the board in advance, according to a review of the public filing of the building&rsquo;s bylaws by the New York Post.</p>
<p>&ldquo;Nothing I heard is unusual except the photograph of the pet,&rdquo; prominent lawyer Jay Neveloff, who has written many condo plans but wasn&rsquo;t involved in this one, told the newspaper.</p>
<p>Other restrictions at One57 include massage &ldquo;therapy,&rdquo; nude performances, and modeling. And if a resident wishes to celebrate Christmas or Hanukkah, they have to do it without the benefit of decorative window lights.</p>
<p>The city&rsquo;s apartment laws&nbsp;<a href="http://therealdeal.com/blog/2013/07/12/266020/" target="_blank">explicitly ban several dozen beasts</a>, including panthers, mongooses and aardwolves, as&nbsp;<em>The Real Deal</em>&nbsp;reported.&nbsp;<a href="http://www.nypost.com/p/news/business/swine_free_zone_IwPoyIPw5tvS3iRj77BelM" target="_blank">[NYP]</a></p>
<p><strong>More from The Real Deal:</strong></p>
<p><strong>1.</strong><span>&nbsp;</span><a href="http://therealdeal.com/blog/2013/08/27/how-common-are-nycs-poor-doors-photos/" target="_blank">How common are NYC&rsquo;s poor doors?: PHOTOS&nbsp;</a><br /><strong>2.</strong><span>&nbsp;</span><a href="http://therealdeal.com/blog/2013/08/28/kushner-cim-to-shop-200-lafayette-for-150m-plus/" target="_blank">Kushner, CIM to shop 200 Lafayette for $150M-plus&nbsp;</a><br /><strong>3.</strong><span>&nbsp;</span><a href="http://therealdeal.com/blog/2013/08/27/chetrits-king-grove-break-up-hotel-partnership/" target="_blank">Chetrits, King &amp; Grove break up hotel partnership</a></p><p><a href="http://www.businessinsider.com/swanky-nyc-condo-one57-bans-pet-pigs-christmas-lights-2013-8#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/buyers-at-super-luxury-highrise-one57-2013-7Here's What We Know About The Buyers Of Super-Luxury Highrise One57http://www.businessinsider.com/buyers-at-super-luxury-highrise-one57-2013-7
Wed, 24 Jul 2013 16:14:00 -0400Adam Pincus
<p><img style="float:right;" src="http://static2.businessinsider.com/image/509ac9d6ecad040e4e000021-480-/one57-construction.jpg" border="0" alt="one57 construction" width="480" /></p><p>It&rsquo;s been about a year and a half since units at One57 went on sale, and it seems that every few months Gary Barnett, the developer of the 1,004-foot-high tower, touts a new milestone for signed contracts.</p>
<p>The most recent figure, which Barnett let slip in June, pegs the development at 70 percent sold. Still, with no public listings and closings still months down the road, there had been no cold, hard evidence of actual sales, until now.<span id="more-268500"></span></p>
<p>At least 15 of the tower&rsquo;s 94 apartments are in contract, according to a state filing, though many of them are not the deals trumpeted in press accounts, such as the&nbsp;<a href="http://therealdeal.com/blog/2013/05/17/244762/">Bill Ackman</a>-led investor group that purchased the so-called Winter Garden penthouse for more than $90 million, or the&nbsp;<a href="http://therealdeal.com/blog/2013/03/26/chinese-family-buys-one57-condo-for-toddler-brick-gym-signs-lease-for-first-nyc-location-and-more/">Chinese parents</a>&nbsp;who snapped up a unit for their toddler to use as a university student.</p>
<p>The information comes from a document Barnett&rsquo;s Extell Development quietly filed with the New York Attorney General&rsquo;s office in March for what is known as an effectiveness amendment, which in this case lists the buyers (some of them limited liability companies) of 15 of the units. The filing is required as evidence that at least 15 percent of the sales at 157 West 57th Street are bona fide as part of the process to approve a condominium or cooperative offering plan, known as declaring it effective.</p>
<p>In May, the AG&rsquo;s Real Estate Finance Bureau, which reviews such plans, declared Barnett&rsquo;s condo plan effective.</p>
<p>Barnett&rsquo;s tower is in a race to swipe buyers and media attention from rival 432 Park Avenue, the condo tower being built by CIM Group and Macklowe Properties. Extell won the race to break ground first and to have the plan declared effective, though 432 Park will surpass One57&rsquo;s height by close to 400 feet.</p>
<p>Among the buyers Barnett has wooed are a surprising number of apparel executives. For example,&nbsp;<a href="http://therealdeal.com/blog/2012/09/25/michael-kors-investors-are-billionaire-buyers-in-one57/">Richard Kringstein</a>, co-owner of outerwear manufacturer Herman Kay, made a deposit to buy unit 48A, a three-bedroom with 3,228 square feet, for $17.5 million on Feb. 17, 2012.</p>
<p>David Beyda, CEO of Town and County Linen, and Victor Azrak, who sold his clothing licensing firm American Marketing Enterprises to Li &amp; Fung in 2007 for a reported $128 million, also purchased at One57. Beyda made a deal for the two-bedroom 40F for $9.6 million on Jan. 13, 2012, while Azrak inked his deal later that month to pay $6.9 million for the two-bedroom 44B.</p>
<p>Azrak did not immediately respond to a request for comment. Extell declined to comment, other than to restate that 70 percent of the units had been sold. Beyda declined to comment.</p>
<p><a href="http://therealdeal.com/wp-content/uploads/2013/07/157W57-Sch-A-chart_4.pdf"><img src="http://static5.businessinsider.com/image/51f0339feab8eac62800000d-891-611/screen%20shot%202013-07-24%20at%204.05.24%20pm.png" border="0" alt="Screen Shot 2013 07 24 at 4.05.24 PM" width="800" /></a></p>
<p><strong>Click on chart to see the complete PDF of buyers and pricing at One57</strong></p>
<p>When filing an effectiveness amendment, a developer can choose to list any contracts that add up to 15 percent of the sales, regardless of when the deals were signed, real estate attorney Adam Leitman Bailey said. That may explain why Extell chose not to name the buyer for the 90th-floor penthouse, whose identity is still a mystery, or Quebec billionaire Lawrence Stroll&rsquo;s reported purchase of unit 85 or his Hong Kong business partner Silas Chou&rsquo;s deal for unit 82.</p>
<p>Still, Extell did include two full-floor penthouses on the list, although the buyers used LLCs for the purchases, masking their identities. In December 2011, the month the development hit the market, One57 86 LLC put down a meager 5 percent deposit to hold unit 86, with a purchase price of $46.5 million; and Tower 83 LLC put more than $10 million down in October 2012 to purchase unit 83 for $52.58 million.</p>
<p>In addition, One57&rsquo;s offering prices for units on the same floor differ sharply &mdash; some by more than 50 percent, according to a review of five versions of Schedule A pricing documents filed with the AG&rsquo;s office over the past 22 months. That is a stark contrast with 432 Park, where most prices per square foot on a single floor varied by less than 2 percent.</p>
<p>For example, on the 42nd floor, the 1,037-square-foot C line unit is priced at $3,171 per foot, while the neighboring 3,228-square-foot A line unit is priced at $5,499 per foot, more than 42 percent higher.</p>
<p>And on the 46th floor, unit 46A is selling for $19.5 million, or $6,041 per square foot. But a buyer can snap up the much smaller unit next door, 46B, for just $4,380 per foot, or 28 percent lower.</p>
<p>On the higher floors, with just two units, the price differential is between 11 percent and 12 percent. The more expensive units in the A line face the park without an obstruction, while the B line (the foot of the L on the L-shaped upper floors) will always have the A line units in the view. For example, unit 66A has a price of about $7,562 per foot, while 66B has a price of $6,797 per foot.</p>
<p>In contrast, on the 39th floor of 432 Park, which has three units, the 4,082-square-foot 39A has a price of $4,557 per foot, while the 1,422-square-foot 39D has a price of $4,641 per foot, a differential of just 1.9 percent. On the 50th floor of 432 Park, which has two units per floor, there is just a 1.7 percent price per foot differential.</p>
<p>&ldquo;Twelve percent is a huge floor-level adjustment assuming all views are the same, so part of that has to be view as well,&rdquo; said Jonathan Miller, CEO of appraisal firm Miller Samuel, speaking generally and not about a specific building. &ldquo;One to 2 percent is the typical spread we see for floor level, all other amenities being equal including view.&rdquo;</p>
<p><strong>More from The Real Deal:</strong></p>
<p>1.&nbsp;<a href="http://therealdeal.com/blog/2013/07/23/pretty-woman-star-richard-gere-lists-hamptons-estate-for-65m/" target="_blank">Richard Gere lists Hamptons estate for $65M&nbsp;</a><br />2.&nbsp;<a href="http://therealdeal.com/issues_articles/honing-in-on-hudson-square/" target="_blank">In Hudson Square, developers are snapping up sites following a major rezoning&nbsp;</a><br />3.&nbsp;<a href="http://therealdeal.com/blog/2013/07/23/mta-to-sell-soho-parking-lot-for-26m-to-madison-capital/" target="_blank">MTA to sell Soho parking lot for $26M to Madison Capital&nbsp;</a></p><p><a href="http://www.businessinsider.com/buyers-at-super-luxury-highrise-one57-2013-7#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/ackman-one57-90-million-penthouse-2013-5Bill Ackman Is Buying An Ultra-Expensive Manhattan Penthouse ... But He's Not Moving Into ithttp://www.businessinsider.com/ackman-one57-90-million-penthouse-2013-5
Fri, 17 May 2013 10:21:00 -0400Julia La Roche
<p><img style="float:right;" src="http://static2.businessinsider.com/image/50ec443c6bb3f74342000008-400-300/bill-ackman-5.png" border="0" alt="Bill Ackman" /></p><p>Hedge fund billionaire <a class="hidden_link" href="http://www.businessinsider.com/blackboard/bill-ackman">Bill Ackman</a> is leading a group of other real estate investors to buy a $90 million penthouse duplex at One57, <a href="http://online.wsj.com/article/SB10001424127887323716304578483604255721988.html">the Wall Street Journal reports</a>. &nbsp;</p>
<p>One57 is a super luxurious residential skyscraper overlooking Central Park that is currently under construction.</p>
<p>You might remember it from super storm Sandy as the building <a href="http://www.businessinsider.com/the-wind-already-broke-the-crane-outside-of-one57-2012-10">with the hanging crane.</a></p>
<p><a href="http://www.businessinsider.com/the-wind-already-broke-the-crane-outside-of-one57-2012-10"></a>The deal for the apartment, which occupies the 75th and 76th floors, is still in contract, the report said. &nbsp;</p>
<p>An unnamed source told the Journal that Ackman, who runs $12 billion <a class="hidden_link" href="http://www.businessinsider.com/blackboard/pershing-square">Pershing Square</a> Capital Management, does not have plans to move into the apartment. &nbsp;Instead, the apartment is being used as an investment, according to the source. &nbsp;</p>
<p>If he did move in, though, it would be perfect because it's just steps away from his hedge fund's office at 888 Seventh Avenue. &nbsp;</p>
<p>Here's a rendering of what One57 looks like:&nbsp;</p>
<p><img src="http://static1.businessinsider.com/image/4ff31dc4eab8eadb7e000000-590-443/02-43.jpg" border="0" alt="One57" /></p><p><a href="http://www.businessinsider.com/ackman-one57-90-million-penthouse-2013-5#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/250-million-penthouse-in-monaco-2013-4Monaco Penthouse Concept Could Hit The Market For $280 Millionhttp://www.businessinsider.com/250-million-penthouse-in-monaco-2013-4
Wed, 10 Apr 2013 12:24:00 -0400Megan Willett
<p><img style="float:right;" src="http://static6.businessinsider.com/image/51648b11eab8ea7372000000-400-/odeon-tower-penthouse.jpg" border="0" alt="Odeon Tower Penthouse" width="400" /></p><p><span style="line-height: 1.5em;">The apartment atop a planned luxury tower in Monaco could be listed for $280 million, making it the world's most expensive penthouse if it sells for anywhere near that price.</span></p>
<p>Current renderings for the residence, at<span style="line-height: 1.5em;">&nbsp;Monaco's Odeon Tower,&nbsp;</span><span style="line-height: 1.5em;">show a five-floor home with 35,500 square feet of space.</span></p>
<p>They also show a private infinity pool with a water slide, but Fred Schiff of London-based Knight Frank (the agents in charge of global marketing for Odeon) <a href="http://www.cnbc.com/id/100592959" target="_blank">told Robert Frank at CNBC</a> that it was "just one thing the developers are talking about.&rdquo;</p>
<p><span style="line-height: 1.5em;">The price tag on the penthouse is pure speculation, based on the size of the space and current prices for apartments in the building, which start at&nbsp;<span>&pound;5,200 per square foot <span>($7,958 at current exchange rates)</span>, a representative for the developer told us.</span></span></p>
<p class="p1"><span style="line-height: 1.5em;">If the multi-level residence does sell for the anticipated $280 million, that would make it the most expensive penthouse in the world, followed by a residence at&nbsp;</span><a href="http://www.businessinsider.com/who-lives-in-londons-one-hyde-park-2013-3?op=1" target="_blank">One Hyde Park in London that sold for $216 million</a><span style="line-height: 1.5em;">.</span></p><h3>The Odeon Tower — or Tour Odeon — will stand roughly 560 feet and look out at the Mediterranean Sea.</h3>
<img src="http://static2.businessinsider.com/image/51647edd6bb3f7654f000001-400-300/the-odeon-tower--or-tour-odeon--will-stand-roughly-560-feet-and-look-out-at-the-mediterranean-sea.jpg" alt="" />
<br/><br/><h3>The current scheme features 70 apartments spanning the 49-story building, not including the penthouse and duplexes.</h3>
<img src="http://static6.businessinsider.com/image/51647ef369beddec22000003-400-300/the-current-scheme-features-70-apartments-spanning-the-49-story-building-not-including-the-penthouse-and-duplexes.jpg" alt="" />
<br/><br/><h3>Oden Tower will have a luxury on-site supermarket, 24/7 concierge, and day-to-day housekeeping services for residents.</h3>
<img src="http://static1.businessinsider.com/image/51647ef069bedd271f000022-400-300/oden-tower-will-have-a-luxury-on-site-supermarket-247-concierge-and-day-to-day-housekeeping-services-for-residents.jpg" alt="" />
<br/><br/><a href="http://www.businessinsider.com/250-million-penthouse-in-monaco-2013-4#each-residence-will-come-with-a-gorgeous-glass-balcony-for-unimpeded-views-4">See the rest of the story at Business Insider</a> http://www.businessinsider.com/ny-buyers-for-under-construction-condos-2012-11Competition For New York's New Condos Is Scalding Hothttp://www.businessinsider.com/ny-buyers-for-under-construction-condos-2012-11
Mon, 19 Nov 2012 13:34:00 -0500Meredith Galante
<p><img style="float:right;" src="http://static4.businessinsider.com/image/50aa3332ecad046b5900000d-400-/one57-rendering-night.jpg" border="0" alt="one57 rendering night" width="400" /></p><p><span style="float:right;"></span>With only 1,249 new apartments expected in Manhattan all year &mdash; up from last year, but way down from 8,052 in 2007 &mdash; competition is intense.</p>
<p>Buyers are snatching up still-under-construction <a href="http://www.nytimes.com/2012/11/18/realestate/the-take-it-on-faith-condo.html?pagewanted=1&amp;_r=1">luxury condos at a rapid rate</a>&nbsp;for the first time in years, according to <a href="http://www.businessinsider.com/blackboard/the-new-york-times" class="hidden_link">The New York Times</a>.</p>
<p><a href="http://www.businessinsider.com/18-gramercy-park-tour-2012-10">18 Gramercy Park</a> is following the trend. It has just three of its 16 units left, and isn't scheduled to open until 2013.</p>
<p>The still-under-construction One57 high-rise, that was made famous by the '<a href="http://www.businessinsider.com/the-wind-already-broke-the-crane-outside-of-one57-2012-10">dangling crane</a>' incident during Hurricane Sandy, has sold 60 percent of its units. The <a href="http://www.businessinsider.com/sold-the-penthouse-at-one57-sells-for-a-record-breaking-90-million-2012-5">penthouse in the building sold for $90 million</a>, unseen to the buyer upon signing a contract.</p>
<p>200 E. 79th Street has contracts on 25 of the 39 units signed, and is still being erected.</p>
<p>In 2008, when the real estate market toppled, along with the economy, buying a not-yet-completed condo was financial suicide. It was feared that developers wouldn't be able to finish the project or make good on the promises in the contract.</p>
<p>But everything has changed, one developer tells the Times:</p>
<p style="padding-left: 30px;">&ldquo;We were inundated,&rdquo; said Kenneth S. Horn, Alchemy&rsquo;s president. &ldquo;There is such a dearth of new properties that if you deliver a nice product with nice finishes in a good area, they&rsquo;re going to sell.&rdquo;</p>
<p><strong><a href="http://www.businessinsider.com/one57-sales-office-tour-and-photos-2012-7">Now tour the inside of the still-under-construction One57 building &gt;</a></strong></p><p><a href="http://www.businessinsider.com/ny-buyers-for-under-construction-condos-2012-11#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/one57-crane-lawsuits-piling-up-2012-11A Lawsuit Over The 'Dangling Crane' At One57 Will Investigate If It's Legal To Build To That Heighthttp://www.businessinsider.com/one57-crane-lawsuits-piling-up-2012-11
Tue, 13 Nov 2012 14:24:00 -0500Meredith Galante
<p><img style="float:right;" src="http://static1.businessinsider.com/image/50a0f36c69bedd4908000034-400-/crane-sandy-nyc-2012-bi-dng.jpg" border="0" alt="crane, sandy, nyc, 2012, bi, dng" width="400" /></p><p><span style="float:right;"></span>The first lawsuit has been filed over the <a href="http://www.businessinsider.com/the-wind-already-broke-the-crane-outside-of-one57-2012-10">"dangling crane" incident</a> that forced residents and businesses near under-construction luxury highrise One57 <a href="http://www.businessinsider.com/video-shelter-life-during-sandy-in-nyc-2012-11">to evacuate during Hurricane Sandy</a>, and more are on the way.</p>
<p>On Friday, two dentists filed a $5 million lawsuit in federal court blaming contractor Australia's Lend Lease Construction for the crane collapse, <a href="http://news.yahoo.com/dentists-sue-over-ny-crane-collapse-during-storm-234802708--finance.html">according to Yahoo News</a>.</p>
<p>And now The Hurwitz Law Firm is seeking additional plaintiffs for a suit it plans to file against the city, crane operator, and developer&nbsp;<span class="st">&mdash;</span> <a href="http://ny.curbed.com/archives/2012/11/12/more_one57_neighbors_prepare_to_sue_over_crane_collapse.php">Curbed</a> obtained a copy of a flyer it is circulating in the area on Monday.</p>
<p>We reached out to the firm's Michael Hurwitz to find out more. He told us via email:</p>
<p style="padding-left: 30px;">It is too&nbsp;soon to put a dollar amount on the damages we are seeking from each defendant, but I can tell you many local residents and businesses have sustained a variety of damages and ongoing interruption in ways that may not be readily apparent.</p>
<p style="padding-left: 30px;">As we continue our investigation into the cause(s) of the accident, and the overall construction permitting process (inclusive of&nbsp;the developer's acquisition of floor area development rights enabling them to build to such heights), we will be able to form an opinion as to appropriate monetary&nbsp;&amp; injunctive relief&nbsp;to be sought.</p>
<p>The law firm filed a summons and notice with the NY County Supreme Court on Friday. It alleges negligence and gross negligence resulting in the crane collapse, and will seek compensatory and punitive damages from the defendants.</p>
<p>Below is the summons:</p>
<p><img src="http://static1.businessinsider.com/image/50a247fdecad04d66f000029/one57-summons-of-notice.jpg" border="0" alt="one57 summons of notice" width="618" /></p>
<p>&nbsp;</p>
<h2><a href="http://www.businessinsider.com/one57-sales-office-tour-and-photos-2012-7">Now go inside the new luxury building &gt;</a></h2><p><a href="http://www.businessinsider.com/one57-crane-lawsuits-piling-up-2012-11#comments">Join the conversation about this story &#187;</a></p>